General Electric (NYSE:GE) earnings for the U.S. conglomerate’s second quarter of 2020 have GE stock on its way down Wednesday. That’s due to its adjusted losses per share of 15 cents missing Wall Street’s estimate of for a loss of 10 cents per share. However, its revenue of $17.75 billion is better than analysts’ estimate of $17.12 billion.
Let’s take a deeper dive into the General Electric earnings report below.
- Adjusted per-share losses are down a hefty amount from its adjusted EPS of 16 cents during the same time last year.
- Revenue for the quarter is sitting 24% lower than the $23.41 billion reported in the second quarter of the previous year.
- Operating loss of $2.14 billion is 1,760.9% wider year-over-year than a loss of $115 million.
- The General Electric earnings report also has net loss coming in at $2.13 billion.
- That’s a massive shift from the company’s net income of $104 million in the same period of the year prior.
H. Lawrence Culp, Jr., chairman and CEO of General Electric, had the following to say about the Q2 earnings.
“Based on what we see today and the actions we’ve taken, sequential improvement in earnings and cash in the second half of the year is achievable. We expect to return to positive Industrial free cash flow in 2021. We are accelerating our transformation to make GE stronger and drive long-term, profitable growth.”
General Electric doesn’t provide specific guidance in its current earnings report. That makes sense with the novel coronavirus mucking around with the economy. Plenty of other companies are withholding outlooks at this time.
GE stock was down 4.1% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.